Hill Slowinski•Real Estate

Spring is officially here.  Buyers and sellers are ready once again to participate in the most active home market period of the year.  Sellers have painted everything inside and out and finished mulching their garden beds.  Buyers have drafted their wish lists, review their favorite real estate websites daily (or more frequently) for new listings, and are armed with their lender pre-approval letters.

Here is a great window of opportunity.  Know that this not your normal Spring Market.  Things are different:

• Buyers have been out for weeks in the warmer-than-usual weather. 
• Interest rates are still the lowest in history but just now rates  and some fees are beginning to tick up a bit.
• The promise of release of shadow inventory is putting pressure on sellers to set very realistic prices.  The shadow inventory will siphon off eligible buyers from the regular stock.
• Sellers are pricing more appropriately —and many even compellingly.  The days of pricing high and negotiating down are over, because buyers see more attractively priced right nearby.  The overpriced inventory doesn’t even rate the time for an attempted offer.
• To top it off, only the most experienced real estate professionals weathered and remained active in the slow market.  Those experts are available to provide so much good advice and more information than is available online.

Challenges Are Being Addressed and Resolved -- by Experienced Realtors®

The next 60-90 days are going to be active and exciting for buyers and sellers.  The deals and timelines can be fast-paced and complicated.  The challenges presented by the economy are being resolved:   

• New contracts and addenda are required in some jurisdictions. 
• While great bargains are few and far between, many good buys are out there.
• Lenders terms and qualifications have changed.  Pressure points have shifted. 
• More homes are short sales and will take longer to settle, and more REO properties will be released for sale. 

Both buyers and sellers need experienced negotiators as their real estate professional to be sure they get the best results, top dollar, and no surprises.  Locate a full-time Realtor® with a record of successful recent transactions who can help you avoid the pitfalls and to give you peace of mind. 

___________________________________________
F. Hill Slowinski, JD, REALTOR® in DC, MD, and VA
W.C. & A.N. Miller Realtors, A Long & Foster Company
Christie’s International Real Estate
4701 Sangamore Road, Bethesda, Maryland  20816
Tel: 301-229-4000  Fax: 301-229-4015
Direct: 301-320-8430 · Cell: 301-452-1409 
Email:  HSlowinski@LNF.com  ·  Web Site: www.HillSlowinski.com 
Weblog: http://HillSlowinskiRealEstate.com 

HOMES WORTH BUYING • HOMES WORTH OWNING™

(Reprinted from The KCM Blog, October 2011.  Disclaimer: This blog covers the national housing market as a whole. Please check with a local real estate professional to discover how the following information will impact your region. – The KCM Crew.)

Hill's Comment:  While the recent S&P/Case-Shiller Index data reflect an overall slight increase in Washington area house prices, this goes against the nationwide trends, in which residential real estate prices dropped more than forecast in the year ended September.  Prices rose and sales volume is highest in price ranges that meet the broadest market, the lower ranges.  Upper bracket properties prices are not increasing.  There are far fewer qualified buyers for higher priced inventory, and these homes are in fact attractive because buyers are getting great value for much lower cost (i.e., more house for their money).  Prices offered are declining or these homes are lanquishing on the market.  Many experts believe pressure inevitably will continue to mount and will drive all home prices lower in the Washigton market in the future.

________________

Many sellers want to wait until the spring before putting their home on (or back on) the market. This might be for any of several reasons:

• They don’t want to be inconvenienced during the holiday season.
• They believe that they will see more potential buyers and as a result will get a higher price.
• In the northern part of the country, they might not want people walking through the snow and then into their house.
• All of the above

In a normal real estate market, this may make sense. However, this market has been anything but normal. This spring will also see some abnormalities. The biggest difference will be the direction prices will take.

In years past, the spring market would favor the seller because increased demand would outpace any increase in supply: the number of houses coming onto the market would not be as great as the number of buyers newly entering the market. In most situations, when demand is greater than supply, prices increase.

The reason this spring will be different is that the supply of homes coming to the market will be dramatically impacted by foreclosure properties being released by the banks. Many believe this increase in inventory will far outweigh buyer demand. In situations where supply is greater than demand, prices decrease.

Will This Actually Happen?
RealtyTrac, in their latest foreclosure report, explained:

U.S. foreclosure activity has been mired down  since October of last year, when the robo-signing controversy sparked a flurry  of investigations into lender foreclosure procedures and paperwork. While foreclosure activity in  September and the third quarter continued to register well below levels from a  year ago, there is evidence that this temporary downward trend is about to  change direction, with foreclosure activity slowly beginning to ramp back up.

This will impact prices.

What Do Experts Believe the Impact Will Be?
Here are the pricing projections by several major entities:

• Zillow believes we will not see a bottom in prices until the first quarter of 2012.
• Standard & Poors thinks prices will drop %5 in the next few months.
• JP Morgan Chase believes prices will depreciate 6 to 7% over the next six months.
•  Barclays says prices will fall 7% by the end of the first quarter of 2012.

Bottom Line
You may pay a hefty price for the convenience of not having your property on the market right now.

___________________________________________
F. Hill Slowinski, JD, REALTOR® in DC, MD, and VA
W.C. & A.N. Miller Realtors, A Long & Foster Company
Exclusive Affiliate of Christie’s Great Estates, President’s Club 2009
Consultant, Luxury Real Estate, Sloans & Kenyon Auctioneers and Appraisers
4701 Sangamore Road, Bethesda, Maryland  20816
Tel: 301-229-4000  Fax: 301-229-4015
Direct: 301-320-8430 · Cell: 301-452-1409 
Email:  HSlowinski@LNF.com  ·  Web Site: www.HillSlowinski.com
Weblog: http://HillSlowinskiRealEstate.com

HOMES WORTH BUYING • HOMES WORTH OWNING™

3800 Fulton Street, NW, Washington, DC  20007

MLS #DC7690818, Offered for $1,150,000  (SOLD!!)

This sun-filled 1920s Federal semi-detached home has been thoughtfully updated throughout.  The complete renovation, including new windows and systems, retains many of the original architectural details with a handsome contemporary flair.  There are three bedrooms, a sitting room or den, two new full and one half bathrooms, living room, dining room, foyer, central hall, abundant closet space, chef’s kitchen, and pantry. 

The home has a graceful wrap-around tiled front and side porch, which has French doors opening to it from the living room.  The tiered rear deck overlooks a large open lawn area in the back yard.  The main level rooms include such details as crown moldings, hardwood floors, paneled and true-light glass doors, a chef's kitchen with Sub-Zero refrigerator /freezer, Sub-Zero wine cooler, Wolf gas range and oven, Meile dishwasher, and custom glassed cabinetry in the kitchen and pantry.

The second floor bedrooms have many custom built-in closets, shelves, and storage units.  The bedrooms and sitting area have eastern and southern exposures.  The contemporary bathrooms include marble tiled walls and floors, European-styled vanities and fixtures.  The large master bath features a glassed shower.

The lower level includes a huge open basement with ample space, the laundry area with newer Whirlpool washer and dryer, and a garden supplies storage area.  There is street parking and driveway space, including a one-car garage.

The home is convenient to shopping, dining, the National Cathedral, public transportation, Georgetown, and access to downtown via Massachusetts Avenue.

For more listing information, CLICK HERE, ir Contact Hill Slowinski.

___________________________________________
F. Hill Slowinski, JD, REALTOR® in DC, MD, and VA
W.C. & A.N. Miller Realtors, A Long & Foster Company
Exclusive Affiliate of Christie’s Great Estates, President’s Club 2009
Consultant, Luxury Real Estate, Sloans & Kenyon Auctioneers and Appraisers
4701 Sangamore Road, Bethesda, Maryland  20816
Tel: 301-229-4000  Fax: 301-229-4015
Direct: 301-320-8430 · Cell: 301-452-1409 
Email:  HSlowinski@LNF.com  ·  Web Site: www.HillSlowinski.com 
Weblog: http://HillSlowinskiRealEstate.com 

HOMES WORTH BUYING • HOMES WORTH OWNING™

More buyers in high-cost areas may be motivated to purchase a home before an Oct. 1 deadline when the government plans to scale back the size of “jumbo” mortgages it guarantees in much of our real estate markets.

By Oct. 1, the maximum loan amount that Fannie Mae and Freddie Mac is set to decrease from $729,750 to $625,500.  Buyers should have ratified contracts by August 31 in order to settle by the end of September or sooner if possible.  (The change could occur before October 1.).

This might make mortgages more expensive or more difficult to get for buyers in higher cost areas such as ours.  For example, after Oct. 1, a borrower who seeks a government-backed mortgage for a $1 million property may have to come up with a $375,000 down payment instead of $270,000.

Once the current jumbo loan limit expires, lenders who want to make loans over $625,500 will have to either hold onto the mortgage themselves or find a private investor to purchase it.

___________________________________________
F. Hill Slowinski, JD, REALTOR® in DC, MD, and VA
W.C. & A.N. Miller Realtors, A Long & Foster Company
Exclusive Affiliate of Christie’s Great Estates, President’s Club 2009
Consultant, Luxury Real Estate, Sloans & Kenyon Auctioneers and Appraisers

4701 Sangamore Road, Bethesda, Maryland  20816
Tel: 301-229-4000  Fax: 301-229-4015
Direct: 301-320-8430 · Cell: 301-452-1409 

Email:  HSlowinski@LNF.com  ·  Web Site: www.HillSlowinski.com 
Weblog: http://HillSlowinskiRealEstate.com 

HOMES WORTH BUYING • HOMES WORTH OWNING™

A Private Estate Home in Bethesda  (SOLD!!)

"The Waterford"

 7220 Armat Drive, Bethesda, Maryland 20817

Offered for $1,855,000

This luxury estate residence blends classic materials in a traditionally elegant yet very practical and comfortable home.  Key features include paneled library/study, elevator, in-ground heated pool with sub-meter, and five fireplaces. 

Multiple French doors lead to sunlit patios and mature gardens, which enjoy a warm Southern exposure for outdoor living and social events.  The highlights of the finished ground level are a wine cellar and reception hall, bar and family room, and a large area suitable for home theater or casual entertaining. 

The property is accented by details such as lush landscaping, ornamental iron, handmade brick, a marble foyer, crystal chandeliers and sconces, solid wood windows and doors.  There are six spacious bedrooms, six full baths, and two half baths, and many characteristics that make this a special place for family and guests alike.

For the Virtual Tour, please click HERE.  Photos, floor plans, brochures, and more detailed information is available at HillSlowinski.com.

___________________________________________
F. Hill Slowinski, JD, REALTOR® in DC, MD, and VA 
"Top 1% of Long & Foster Agents Nationwide, 2011"

W.C. & A.N. Miller Realtors, A Long & Foster Company
Exclusive Affiliate of Christie’s Great Estates

4701 Sangamore Road, Bethesda, Maryland  20816
Tel: 301-229-4000  Fax: 301-229-4015
Direct: 301-320-8430 · Cell: 301-452-1409 
Email:  HSlowinski@LNF.com  ·  Web Site: www.HillSlowinski.com 
Weblog: http://HillSlowinskiRealEstate.com 

Consultant, Luxury Real Estate, Sloans & Kenyon Auctioneers and Appraisers

HOMES WORTH BUYING • HOMES WORTH OWNING™

120 Evans Street, Rockville, MD  20850

OFFERED FOR: $595,000   MRIS #MC7577514

This home is a wonderful, warm, four-level split plus a large attic, thoughtfully updated through the years by long-time owners. 

Highlights include lots of light, an open main level floor plan, and refinished  hardwood floors throughout.  The kitchen has been renovated and provides convenient access through new Anderson French doors to the patio and a manicured back yard with garden area and new privacy fence.  Four bedrooms include master suite with grand new bathroom and glassed shower and three additoinal bedrooms and a full bath.  There is a spacious finished lower level family room with gas fireplace and hardwood floors. 

The home is in an excellent location in City of Rockville.  It is close to Metro, schools, parks, shops, dining, entertainment and theatres, bookstores, and much more in Rockville Town Center!

Walk score: 74!   See: www.walkscore.com    

For Virtual Tours, Details, and other listing information, see: www.HillSlowinski.com

VoicePad: 1-240-575-1878.

A Rare 1770 "Flounder" Beautifully Renovated

202 Duke Street, Alexandria, VA

OFFERED for $1,410,000

This rare 1770 freestanding brick flounder, built well back from the street and surrounded by a formal garden with potting shed and high brick walls, is a jewel of Old Town.  The two and one-half story brick home, with a rolled tin roof and beautifully renovated and restored in 1995, is one of the few remaining freestanding flounder houses in Alexandria.  It features crown moldings, paneled foyer, library with original fireplace, and a full in-law suite with separate entrance.

William Mitchell, a sea captain, built this ‘flounder' house in 1770.  "Flounder" means that the wall that faces the neighbor's yard has no windows; therefore, the windows are on the other side, like the eyes of a flounder.  The name is unique to Alexandria.

The property originally had a warehouse in the front yard. The practice of building rear wings was common in early America.  The house never acquired additional fronting on the street after the warehouse was demolished in 1815.  The 2½ story brick home with a rolled tin roof is one of the few remaining freestanding flounder houses in Alexandria. 

The house stood vacant for eight years in the late 1980s and early 1990s.  It was carefully restored in 1995.  Crown moldings throughout the home were duplicated using an original 18th Century piece.  Pass through the paneled foyer to the library warmed by the original fireplace.  Exit the house through the renovated kitchen and turn right in the alley to view the windowless side of the house. 

At the time of the renovation, the brick patio in the front yard, completely covered with mud and weeds, was unearthed.  The holly tree, climbing rose, large English boxwoods on the street side of the garden, the azalea bushes on the patio's west side, and one boxwood against the house were on the property in 1995.  European hornbeams line the entry walkway to the pergola covered in wisteria and grape vines.  English boxwoods frame the brick patio and dogwood tree, and a climbing hydrangea is the focal point on the front of the house.  The potting shed was added in 2007.

Click here for the Virtual Tour

For additional details, see AX7500675 at www.HillSlowinski.com.

___________________________________________
F. Hill Slowinski, JD, REALTOR® in DC, MD, and VA
W.C. & A.N. Miller Realtors, A Long & Foster Company
Exclusive Affiliate of Christie’s Great Estates, President’s Club 2009
Consultant, Luxury Real Estate, Sloans & Kenyon Auctioneers and Appraisers
4701 Sangamore Road, Bethesda, Maryland  20816
Tel: 301-229-4000  Fax: 301-229-4015
Direct: 301-320-8430 · Cell: 301-452-1409 
Email:  HSlowinski@LNF.com  ·  Web Site: www.HillSlowinski.com 
Weblog: http://HillSlowinskiRealEstate.com 

HOMES WORTH BUYING • HOMES WORTH OWNING™